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Russia bags two crucial defense deals on Putin's visit to India


December 24, 2012 - New Delhi

In a bid to strengthen the economic ties between India and Russia, the two countries on Monday inked a Kremlin-backed $2 billion investment fund. The move came after talks between Indian Prime Minister Dr. Manmohan Singh and Russian President Vladimir Putin at the 12th annual summit. The two countries also finalized over 10 agreements.

Russia bagged two crucial defence deals which had been in the works for some time. The deals include acquisition of 42 more Sukhoi-30 MKI fighter aircraft and 71 Mi-17 V5 armed helicopters by India. The two deals are worth over Rs. 25,000 crore. The two countries also agreed to open talks on a Comprehensive Economic Partnership Agreement that will also involve Belarus and Kazakhstan.

The following documents are signed on Monday.

  • Protocol on Foreign Office Consultations 2013-14
  • Memorandum on Cooperation in Science, Technology and Innovation
  • Cultural exchange programme for 2013-15
  • MoU to promote direct investment between Russia India
  • MoU for conducting the proof of concept through pilot project for providing the satellite based navigation services

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